Noble Intl, Ltd. Completes Acquisition of Centrifugal Coaters, Inc.
7 October 1998
Noble International, Ltd. Completes Acquisition of Centrifugal Coaters, Inc.BLOOMFIELD HILLS, Mich., Oct. 7 -- Noble International, Ltd. (Amex: NIL) announced today that it has completed, through its Canadian subsidiaries, the acquisition of Centrifugal Coaters, Inc. ("Centrifugal"). The consideration for Centrifugal consists of approximately $1.35CDN million, plus preferred stock of the Canadian subsidiary, which will be exchangeable for approximately 57,900 shares of the Company's common stock. Centrifugal is a Tier II supplier of a broad range of value-added services to the automotive industry. The majority of Centrifugal's coating programs are plastic parts for exterior use such as door handles, mirror housings, rocker panels, body moldings, grills and spoilers. Centrifugal currently operates four facilities located in Oakville, Ontario, Canada. In addition, Centrifugal has broken ground on a new approximately 150,000 square foot, state-of-the-art coating facility being constructed adjacent to Tiercon Plastics, Inc., Noble's plastic injection molding facility. Centrifugal's paint lines have the flexibility to adapt to new substrates and finishes as they are developed. Each paint line is designed with unique features to accommodate specific products, including custom conveyers, robots and racking systems. Centrifugal currently employs approximately 150 people. In announcing the acquisition, Robert J. Skandalaris, CEO of Noble, said, "The strategic acquisition of Centrifugal enhances our coating capabilities and complements our current interior trim coating capability. The acquisition of Centrifugal, coupled with our recent acquisition of Tiercon Plastics, allows us to offer a range of decorative trim products and services. These acquisitions, along with yesterday's announcement of our acquisition of the assets of H&H, furthers our goal of being the best total solution provider." Fraser Wray, President and CEO of Tiercon and Centrifugal, said, "This is an important step in establishing Noble as a full-service supplier to its automotive customer. Additionally, this helps position Noble as a leading systems supplier to the Tier I automotive market." Noble International, Ltd. is a leading Tier II service supplier of automotive parts, component assemblies and value-added services to the automotive industry. As a Tier II supplier, Noble provides design, engineering, manufacturing, complete program management and other services to the automotive market. Noble delivers integrated component solutions, technological leadership and product innovation to original equipment manufacturers (OEMs) and Tier I automotive parts suppliers thereby helping its customers increase their productivity while controlling costs. Certain statements in this news release maybe "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933. Statements regarding future prospects and developments are based upon current expectations and involve certain risks and uncertainties that could cause actual results and developments to differ materially from the forward-looking statements.